PI Industries Ltd is a leading player in the agro-chemicals space having strong presence in both Domestic and Export markets. It has state-of-art facilities in Gujarat having integrated process development teams with in-house engineering capabilities.
Q2 FY26 Earnings Results
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Revenue from Operations: ₹1,872.3 crore, down 15.7% YoY from ₹2,221 crore in Q2 FY25, and down 1.5% QoQ from ₹1,900.5 crore in Q1 FY26.
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Operating Profit (EBITDA) excluding Other Income: ₹541.3 crore, margin at 28.9%, up 63 bps YoY from 28.3% in Q2 FY25.
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Profit After Tax (PAT): ₹409.3 crore, down 19.5% YoY from ₹508.2 crore.
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EBITDA margin remained strong but contraction in revenue led to PAT decline.
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Other Income declined 32.5% YoY to ₹82.5 crore.
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Interest costs remained low at ₹2.6 crore.
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Depreciation increased to ₹98 crore reflecting ongoing capacity expansions.
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H1 FY26 revenue: ₹3,772.8 crore, down 12.1% YoY.
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H1 FY26 profit declined significantly compared to previous year.
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Employee costs reduced slightly to ₹220.5 crore from ₹232.3 crore sequentially indicating efficient overhead management.
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Pharma segment revenues grew 104% YoY, contributing about 4% to export revenue.
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Agchem exports down 14% YoY by volume but new products grew 46% YoY.
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Domestic agchem revenue increased approx 6% YoY.
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Biologicals products revenue declined 38% YoY.
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Continued investments in R&D and capacity expansion with INR 441.5 crore capex in H1 FY26.
Management Commentary & Strategic Insights
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Management highlighted operational efficiencies helping margin resilience despite revenue pressure.
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PI Industries continues investing in growth via innovation, expanded product pipeline, inorganic growth, and technology.
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Margins supported by cost optimization and mix improvements, with cautious outlook given industry volatility and short-term challenges.
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Long-term strategy centers on margin discipline, scaling high-quality growth, and expanding strategic platforms.
Q1 FY26 Earnings Results
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Revenue: ₹1,900.5 crore, down 8.1% YoY from previous year.
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EBITDA: ₹521 crore, down 11% YoY.
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PAT: ₹400 crore, down 10.9% YoY.
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Operational metrics showed a decline due to regulatory transitions and cyclical softness.
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Capex and R&D spend remain priorities to support future growth.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.